Which online term plan to choose among Kotak,HDFC, Aviva and ICICI ?

POSTED BY Suman ON January 21, 2013 6:23 pm COMMENTS (7)

I want to buy one online term plan of 1 cr cover. I have shortlisted Kotak e preferred, HDFC click2 protect, Aviva i life and ICICI i care ( All the insurance companies do not serve at my place; otherwise I could have considered Aegon Religare as well). Which one should I go for? Aviva’s premium is the lowest , but it’s claim settlement ratio is not very attractive. ICICI’s claim settlement ratio is attarctive, but it is not doing any medical test even for 1 cr cover which I think may create problem/harrasment during claims. With Kotak I can opt for a lower cover right now (say Rs 60 lakh) and step up at later stage( say after taking a home loan); but its premium is high, and claim settlement ratio is not one of the highest. ( also Kotak’ plan is not available in my city, but they say I can choose a city nearest to me and go on buying the plan. Will that not be a problem during claims?). So I am inclined towards HDFC click 2 protect.

Any suggestions ?

7 replies on this article “Which online term plan to choose among Kotak,HDFC, Aviva and ICICI ?”

  1. Dear Suman, congratulations. Please feel free to discuss in future for your other financial problems.

    Thanks

    Ashal

  2. Suman Duarah says:

    Thank you FFC and AJ !
    I have bought “HDFC Click 2 Protect” online of 1 Cr cover. The policy is wef 28th Feb 2013. I furnished all the necessary informations without hiding anything about my life style or habit. I had to go through a medical test which was done on 5th March. Also I sent them the necessary supporting documents through mail. After that they informed me that they accepted my proposal, and sent the policy on 11th March which i received on 16th March. The free look period is 30 days, and I have checked the policy and found everything allright.
    Thank you again !

  3. Kotak Support Team says:

    Dear Sir,

    We request you to confirm your contact no and email ID on clientservicedesk@kotak.com ID along with detailed mail for better assistance.

    Regards,
    Kotak Support Team

  4. Dear Suman,

    We understand the responsibility you fulfill when you buy ICICI Pru iCare or for that matter any term plan. And, from our side, we are committed to honour all claims quickly and fairly. We encourage all our customers to make an informed decision related to their policy and are happy to provide them with all the relevant information.
    For online term insurance, total claims received till Sept 31 is 12. Out of which 9 claims worth 7.35 crore were approved. Average time taken to settle the 9 claims was 7 days from submission of all documents.

    ICICI Prudential Life Insurance has a healthy claims record as cited in the following news articles http://bit.ly/HejDZA and http://bit.ly/HTbw7S. In a recently published annual report for FY’12 by the industry regulator IRDA, ICICI Prudential Life Insurance has a healthy claims acceptance ratio of 96.5%. You can access the report by clicking on http://goo.gl/tU6Bt

    To know more about our claims process, please visit http://goo.gl/mb85D.

    ICICI Pru iCare – our online term plan, which has been chosen by consumers as “Product of the Year 2012” in the Life Insurance Category based on a survey of over 30,000 people by Nielsen. To find out more about this product and to see if it suits you, please visit http://bit.ly/IgvQDe

    Please understand that we only offer suggestions based on your requirements, however choosing a policy most appropriate for you remains at your discretion.

    Warm Regards,
    Life Insurance Help
    ICICI Prudential Life Insurance

  5. Dear Suman, please be honest while applying for your term plan. Declare each detail regarding your health & job. Even family health history. i agreed here with dear FFC, if HDFC fits your bill go for 1Cr. term cover right now. Please do not opt step up option in Kotak. It’s a very costly option.

    thanks

    Ashal

  6. term insurance is all about choosing someone you are comfortable with. You seem to have done the analysis. I would personally choose an insurer with decent claim settlement ratio, one who insists on medicals and one who is in my city (at for the moment!).

    If HDFC fits the bill then go for it. Of course as you may know it is crucial to be upfront and honest while filling the form which is the most important criteria whomever you choose

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